Costa Rica is PURA VIDA – and a wonderful country to invest in. Whether you want a lifestyle change or an investment property – Costa Rica has something for everyone! I focus on the Central Pacific zone of Costa Rica and I would be happy to help you with your search for property. Unlike some of the other countries around the world, foreigners or non residents have the same basic rights as local national citizens do when purchasing property. You can own property here in Costa Rica and make your dream come true!
As a foreigner, resident or non-resident, you will have the same individual rights as a local, national citizen, except for voting rights at presidential and municipal elections. You can purchase and own property in Costa Rica legally and I can help you do it. There are TWO EXCEPTIONS: – 1) A foreigner cannot own 100% of a property in a concession property in the Maritime Zone. – Property located within 50 meters of the high tide line is public and protected. The next 150 meters that is adjacent to this zone is call the Maritime Zone (ZMT). This land is a concession by the municipality and a non-citizen can own only up to 49% of the concession. Most beachfront property in Costa Rica is within the ZMT and Concessions can be verified in the local municipality. 2) A foreigner cannot own any IDA (now INDER) property, in which land is donated to poor farmers. Agricultural property that was donated to farmers by the former IDA (now INDER) cannot be sold until after the farmer has owned the property for 15 years.
OK – So you are ready to start your search for the perfect piece of paradise! Get to know the country – I recommend to all of my clients – Come down, visit first and get to know the country! I can help you set up your first visit to Costa Rica. Just give me a call toll free -1-866-304-3265. I have lived in the Jaco – Playa Hermosa area for 14 years. I choose the Central Pacific zone of Costa Rica for a variety of reasons – easy access in and out of San Jose International airport, good infrastructure complete with banks, strong internet, things to do and others to interact with. The Central Pacific zone is a good base location complete with tourism year round. Begin looking online at potential properties that meet your requirements. I would be happy to look thru the links with you and give you feedback. Then, while you are here in the country, we can set up a property tour for you to see the properties. Whether you are making a lifestyle change and want to live permanently in Costa Rica OR you want to buy an investment property – If your intention is to find a property on this visit – it is a good idea to talk to your financial entities in your home country ahead of time: to let them know you are planning on making a real estate purchase – so you will be able to access your earnest money while you are here in the country and complete your offer.
Once you have decided what property you want to purchase, I will help you write up the purchase offer and present it to the seller. When an agreement is reached – and you and the seller have signed the agreement, it is standard to wire 10 percent of the sales price into a SUGEF registered escrow account which I will help you open. The closing date will be set by the agreement and you can decide whether you want to be in Costa Rica for the closing or give a SPECIAL power of attorney to allow the purchase of the property in the name (personal or corporate) that you approve.
Real estate title transfer costs: Every purchase of property has to pay the National Registry Fees which are set by the government. When you purchase a property – you can decide to purchase the holding company that owns the property or transfer the title to another company you establish or into your personal name. The cost of the title transfer is estimated approximately at 5 to 6 % of the total sales price. This is broken down into: Legal stamp fees at approximately 1.1 %, as they are on a sliding scale, and transfer taxes are 1.5 %. Notary fees at approximately 3% are also on a sliding scale.
Now you should have the in’s and out’s of purchasing property in Costa Rica. If you have any questions or are ready to begin your search or plan your trip to Costa Rica – just give me a call 1-866-304-3265 or email me.